Question 1

In marketing,the idea of exchange refers to

Accepted Answer

A)   the negotiation phase between the manufacturer and the seller.
B)   the financial remuneration (monetary payment)  for a product or service.
C)   the trade of things of value between buyer and seller so that each is better off after the trade.
D)   the bartering of products and services between nongovernmental organizations or individuals.
E)   the practice of swapping products and services for other products and services rather than for money.F) B) and D)
G) B) and C)

Question 2

The Apple iPhone is rated by Consumer Reports as being one of the best smartphones in the industry.Define customer value.In what ways do you think the Apple iPhone provides value for its customers?

Accepted Answer

Customer value is the unique combination...

Question 3

Organizations such as American Airlines,U.S.Bank,and the Red Cross each provide customers with a product that is typically called

Accepted Answer

A)   a utility.
B)   a performance.
C)   a service.
D)   a value.
E)   an idea.F) D) and E)
G) C) and E)

Question 4

The element of the marketing mix demonstrated when an art gallery suggests a $2 donation at the door is

Accepted Answer

A)   philanthropy.
B)   place.
C)   product.
D)   promotion.
E)   price.F) None of the above
G) All of the above

Question 5

A marketing program refers to

Accepted Answer

A)   a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers.
B)   the selection of product benefits and attributes that are added to or subtracted from a given product to create variations within a product line.
C)   the marketing manager's controllable factors-product, price, promotion, and place-that can be used to solve a marketing problem.
D)   the specific ratio within a marketing budget that divides resources between advertising, promotions, and personal selling.
E)   the allocation of resources within a firm toward individual marketing mix elements.F) None of the above
G) A) and E)

Question 6

To attend a winter concert presented by the community chorus,every person had to donate one unwrapped toy at the concert hall door.The donation is most closely related to the __________ element of the marketing mix.

Accepted Answer

A)   product
B)   philanthropy
C)   price
D)   place
E)   promotionF) A) and E)
G) A) and B)

Question 7

Utility refers to

Accepted Answer

A)   the number of alternative uses or benefits that can be provided by a single product or service.
B)   the adaptability of a marketing program to adjust to changes in the marketing environment.
C)   the benefits or customer value received by users of the product.
D)   the fixed costs associated with the production of a single unit of a product within a product line.
E)   the variable costs associated with the production of a single unit of a product within a product line.F) A) and D)
G) B) and D)

Question 8

All of the following are departments within a typical organization except which?

Accepted Answer

A)   finance
B)   manufacturing
C)   information systems
D)   human resources
E)   suppliersF) A) and C)
G) A) and D)

Question 9

The benefits or customer value received by users of a product is called

Accepted Answer

A)   utility.
B)   synergy.
C)   consumerism.
D)   cost-benefit ratio.
E)   customer lifetime value.F) A) and B)
G) A) and C)

Question 10

All of the following are examples of products or services that satisfy a consumer need except which?

Accepted Answer

A)   a pair of jeans
B)   an apple
C)   a student dormitory
D)   a sales tax
E)   a jacketF) C) and D)
G) A) and B)

Question 11

Goods,services,and ideas all can be marketed.Define goods,services,and ideas and give at least one example of each.

Accepted Answer

Goods are physical objects,such as tooth...

Question 12

Define needs and wants.Can marketing shape a person's wants?
 Explain your answer.

Accepted Answer

A need occurs when a person feels depriv...

Question 13

When a company places an ad on Google,the action is a tactic of the __________ element of the marketing mix.

Accepted Answer

A)   product
B)   price
C)   promotion
D)   place
E)   processF) B) and C)
G) C) and D)

Question 14

Which of the following is an example of time utility?

Accepted Answer

A)   an iPhone with a "multi-touch" user interface for easy navigation
B)   Goodwill's 24-hour drop-off box for clothing donations
C)   a dry cleaner located inside a supermarket
D)   a mobile phone company that offers six-month financing, same as cash
E)   a new herbal supplement that offers a 30-day free trialF) None of the above
G) C) and D)

Question 15

Relationship marketing refers to

Accepted Answer

A)   the selection and the assignment of a firm's personnel for a specific product or product line to a group of current or prospective customers.
B)   the belief that it is easier and less expensive to find new customers than to retain old ones.
C)   the linking of the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefits.
D)   the process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace.
E)   exclusive legally binding contractual agreements between retailers and customers in order to create enhanced value for each party.F) All of the above
G) B) and C)

Question 16

A live theater performance cannot be touched like a physical object,but is still considered a product.To a marketer,this is an example of

Accepted Answer

A)   a utility.
B)   a production.
C)   a value.
D)   a service.
E)   an idea.F) C) and D)
G) B) and D)

Question 17

Which of the following is the best example of an organizational buyer?

Accepted Answer

A)   a college student buying paper towels in bulk for herself and her roommates
B)   a store owner buying hand-woven tablecloths to sell in her store
C)   a computer programmer buying the latest game for her Xbox
D)   a botanist buying a rose bush for her home garden
E)   a parent buying a softball glove for a daughterF) C) and D)
G) A) and E)

Question 18

From its inception,Chobani wanted to place its yogurt where?

Accepted Answer

A)   in organic food section of major grocery store chains
B)   in warehouse club stores like Sam's Club or Costco
C)   in the dairy cases of major grocery store chains
D)   in mass merchandise stores like Target
E)   in independent organic cooperatives, farmers' markets, and major organic grocery stores like Whole Foods or SproutsF) A) and E)
G) C) and D)

Question 19

Social responsibility is

Accepted Answer

A)   the view that organizations should satisfy the needs of consumers in a way that provides for society's well-being.
B)   the fundamental, passionate, and enduring principles of an organization that guide its conduct over time.
C)   the idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organization's goals.
D)   the idea that individuals and organizations are accountable to a larger society.
E)   the recognition of the need for organizations to improve the state of people, the planet, and profit simultaneously if they are to achieve sustainable, long-term growth.F) None of the above
G) C) and D)

Question 20

All of the following are marketing mix strategies that Chobani has used to sell its yogurt except which?

Accepted Answer

A)   sponsor U.S. Olympic and Paralympic teams
B)   price the Chobani yogurt line below its major competitors (Yoplait and Dannon)  to increase sales and market share
C)   use Facebook, YouTube, and other social media to promote Chobani yogurt
D)   rely on word of mouth to reach new customers
E)   air a Super Bowl commercial featuring a large bear searching for a snackF) A) and B)
G) B) and C)

Exam 1: Creating Customer Relationships and Value Through Marketing

The Apple iPhone is rated by Consumer Reports as being one of the best smartphones in the industry.Define customer value.In what ways do you think the Apple iPhone provides value for its customers?

Correct AnswerverifiedCustomer value is the unique combination...View AnswerShow Answer

When a company places an ad on Google,the action is a tactic of the __________ element of the marketing mix.

Correct AnswerverifiedShow Answer

A live theater performance cannot be touched like a physical object,but is still considered a product.To a marketer,this is an example of

Correct AnswerverifiedShow Answer

The benefits or customer value received by users of a product is called

Correct AnswerverifiedShow Answer

All of the following are marketing mix strategies that Chobani has used to sell its yogurt except which?

Correct AnswerverifiedShow Answer

All of the following are departments within a typical organization except which?

Correct AnswerverifiedShow Answer

To attend a winter concert presented by the community chorus,every person had to donate one unwrapped toy at the concert hall door.The donation is most closely related to the __________ element of the marketing mix.

Correct AnswerverifiedShow Answer

Which of the following is the best example of an organizational buyer?

Correct AnswerverifiedShow Answer

In marketing,the idea of exchange refers to

Correct AnswerverifiedShow Answer

Relationship marketing refers to

Correct AnswerverifiedShow Answer

All of the following are examples of products or services that satisfy a consumer need except which?

Correct AnswerverifiedShow Answer

The element of the marketing mix demonstrated when an art gallery suggests a $2 donation at the door is

Correct AnswerverifiedShow Answer

Define needs and wants.Can marketing shape a person's wants? Explain your answer.

Correct AnswerverifiedA need occurs when a person feels depriv...View AnswerShow Answer

Organizations such as American Airlines,U.S.Bank,and the Red Cross each provide customers with a product that is typically called

Correct AnswerverifiedShow Answer

Which of the following is an example of time utility?

Correct AnswerverifiedShow Answer

Utility refers to

Correct AnswerverifiedShow Answer

From its inception,Chobani wanted to place its yogurt where?

Correct AnswerverifiedShow Answer

A marketing program refers to

Correct AnswerverifiedShow Answer

Social responsibility is

Correct AnswerverifiedShow Answer

Goods,services,and ideas all can be marketed.Define goods,services,and ideas and give at least one example of each.

Correct AnswerverifiedGoods are physical objects,such as tooth...View AnswerShow Answer

Correct Answer
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Customer value is the unique combination...
View Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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A need occurs when a person feels depriv...
View Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Goods are physical objects,such as tooth...
View Answer